broker investigation ruben gerardoRuben Gerardo Aleman Escalante (CRD#: 6732188) is a former registered broker. In 2017, Mr. Aleman was employed as a representative at Wells Fargo Clearing Services, LLC, based in San Diego, California.

In July of 2017, this broker was terminated from his position at the firm after allegations of misconduct.

On June 5th, 2018, FINRA barred former Wells Fargo broker Ruben Gerardo Aleman Escalante from the securities industry. Here, our securities fraud lawyers review the recent FINRA disciplinary action taken against this broker.

FINRA Sanctions: Ruben Gerardo Aleman Escalante

According to FINRA’s records, Mr. Aleman was registered as a representative at Wells Fargo while also employed as a personal banker. During that time, allegations arose that Mr. Aleman used a customer’s debit card to convert $800 worth of funds from the customer’s account. He did this without either the customer’s knowledge or approval.

This type of unauthorized transaction (conversion of funds) is a serious violation of the customer’s trust and of FINRA’s regulations. In its sanctions, FINRA noted that even though the alleged unethical conduct occurred outside of the scope of Mr. Aleman position as a registered representative, it seriously undermines his ability to carry out his fiduciary duties as a representative. Without admitting to or denying the misconduct, Ruben Gerardo Aleman Escalante consented to the penalties, including an indefinite bar from the securities industry.

Get Help From a Securities Law Attorney

At Sonn Law Group, our law firm represents investors who have sustained major losses due to broker fraud or broker negligence. To find out how we can assist you, please contact our law office today for a free, no obligation initial consultation.

Disclaimer: This article contains opinions and NOT statements of fact in any way whatsoever. The information here is general information that should not be taken as legal advice. NO attorney-client relationship is established between you and our attorneys by reading this article. This article is attorney advertising and should not be used as a substitute for legal advice from a qualified securities lawyer.

Sonn Law Group is investigating claims regarding Joel Eziekel Blum (CRD #4905379, Goshen, New York). Blum recently submitted an AWC in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for 20 days. See FINRA Case #2014040186601. Blum was associated with Merrill Lynch from May 2008 until his termination in February 2014. Blum has been associated with Ameriprise Financial Services, Inc., since February 2014. The Form U-5 filed by Merrill Lynch to terminate Blum's registration states that he was discharged for "conduct including failure to contact clients in advance of entering orders in non-discretionary accounts and mismarking order tickets as unsolicited." FINRA found that Blum executed discretionary transactions in customer accounts without written authorization to do so. In addition, Blum mismarked order tickets in connection with these transactions, inaccurately indicating that the trades were unsolicited, according to FINRA. In entering into the AWC, Blum neither admitted or denied FINRA's findings. Pursuant to FINRA Rules, member firms are responsible for supervising a broker's activities during the time the broker is registered with the firm. Therefore, Ameriprise or Merrill Lynch may be liable for investment or other losses suffered by Blum's customers. If you were a client of Ameriprise, Merrill Lynch, or Blum, and have suffered investment losses or financial irregularities, please contact Sonn Law Group to explore your legal options. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our "contact form."
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